Recap:
Our bullish scenario for the first week of 2012 had Nifty moving above 4650. We analyzed the moves Nifty made thro' intra week posts on the 60 minute charts (3 posts) - Nifty moved past the 4650 resistance, was resisted at the 34 EMA and settled at 4747 for the week.
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| Nifty - End of Day Chart - 06 Jan 2012 |
Nifty End of Day Chart:
The Nifty is in neutral zone compared to deep red last weekend. The strong resistance first at the 34 SMA and then at the 34 EMA had held the Bulls down. Moving past these, Fib 61x and the red channel top beckon.
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| Nifty - End of Week Chart - 06 Jan 2012 |
Nifty End of Week Chart:
The Nifty spent yet another week closing below the all important 200 DMA. The STS too gives the Bulls a dismal picture. Since we are on the subject of DMA again and again, here is some read up that I found useful...
http://tradingsim.com/blog/displaced-moving-average/
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| Nifty - End of Month Chart - 06 Jan 2012 |
Nifty End of Month Chart:
The lower indicator on this chart has turned up finally giving the Bulls something to look up to. The 5 EMA remains the next barrier. The throw back to the green line after that?
Looking Forward:
The week after a down spiral was bucked, always has some consolidation. Expect a clear trend to emerge a bit into the week. Intra-week posts shall be up.
Looking Forward:
The week after a down spiral was bucked, always has some consolidation. Expect a clear trend to emerge a bit into the week. Intra-week posts shall be up.
